The Reserve Bank of India will permit oil marketing firms to raise overseas funds with minimum average maturity period of 3 or 5 years under the automatic route, it said in a statement here

It lifted the individual borrowing limit set at $750 million under the ECB framework.

The move comes in light of the rupee’s drop to a record low on Wednesday triggered by a sharp rise in global crude oil prices, prompting the central bank to quickly intervene to slow its fall. (Reporting by Krishna V Kurup in Bengaluru; Editing by Vyas Mohan)